Ethereum Price Watch – ETH/USD Shoots Higher, Reaches Seven-Day High

Key Highlights:

Ethereum price moved up by about 5% on Tuesday morning, reaching a seven-day high of $548.80.

ETH/USD is currently on a major bullish run to test a resistance at $550.

The cryptocurrency market continued its recovery from last week, adding $12 billion in 24 hours.

Ethereum Price Watch: ETH/USD Edges Higher, Hits Weekly High

Ethereum price edged higher on Tuesday morning, hitting a weekly high of $548.80. Currently, ETH/USD is in the $530-$540 price range. A major support has been established at the lower band of this trading range at $530.

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ETH/USD has been on a major bullish run since the open, testing a major resistance at $550. A break above that is unlikely as there are some signs of pullback toward the support. However, the entire cryptocurrency market is still on a path to recovery from last week, adding $12 billion in the past 24 hours, and further bull runs are almost inevitable. On the downside, a movement below $530 could take Ethereum price down to a retracement level of $505.